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Individual Debt Settlement Lawyer in Orlando, Florida
Many Americans carry some kind of debt. If you have student loans, if you have a mortgage, or if you have credit cards, you have debt. Sometimes, individuals fall behind on their debt payments, either because they lost their jobs, their income is reduced, or other financial obligations, like medical bills, come up. In other cases, individuals fall behind on debts when major life changes happen, like the birth of a child or divorce. If you have fallen behind on debts, you might be wondering what your options are. Legal Counsel, PA offers a range of debt management services, from helping clients with short sales, loan modifications or working out debt settlements.
In an individual debt settlement, creditors may agree to accept less than you owe to settle your debts. If you are underwater in debt, if you are having trouble making payments, or if creditors are calling you demanding payment of debts, a debt settlement may be one option you might have. However, a debt settlement might not be the best option, so it is important to speak to Legal Counsel, PA, an individual debt settlement law firm in Orlando, Florida who can help you understand whether an individual debt settlement is right for you or whether it might be wiser to move forward with a bankruptcy. Have questions? We have answers. Contact Legal Counsel, PA today at 407.982.4321.
What are the Drawbacks of Individual Debt Settlement?
Some of the drawbacks of individual debt settlement include risks to your credit and the risk that creditors won’t accept the settlement offer you make. Sometimes individual debt settlement negotiations can take some time. In some cases, individual debt settlement can take years to accomplish. There may be other options, like bankruptcy, which could result in a faster resolution to your debt issues. You may also owe taxes on forgiven debts and may still face damage to your credit. If you are having trouble determining whether a debt settlement or bankruptcy is right for you, contact Legal Counsel, PA, an individual debt settlement law firm in Orlando, Florida who may be able to help you settle your debt. Have questions? We have answers. Contact Legal Counsel, PA today at 407.982.4321.
When is Individual Debt Settlement Appropriate?
If you don’t qualify for a Chapter 7 or Chapter 13 bankruptcy, an individual debt settlement might be right for you. While almost every person can qualify for bankruptcy, in some cases, individuals might not meet the requirements. For example, if your income is deemed too high, or if the means test determines that you have enough money to pay some of your debts, you may not qualify for a discharge of your debts through bankruptcy. If you have previously filed for bankruptcy, you may also not qualify. For example, if you filed for a Chapter 7 bankruptcy within the last 8 years or if you filed for Chapter 13 bankruptcy within the last 6 years, an individual debt settlement may be your better option. There are other situations where you may not be able to file for bankruptcy. Speak to Legal Counsel, PA, individual debt settlement lawyers in Orlando, Florida today to learn more about what your best options might be. We can help you settle your debts or get out of debt. Put an end to those calls from creditors. Contact Legal Counsel, PA today.
Why Debt Settlements Only Work in Limited Situations
A debt settlement generally only works with unsecured debt, like credit card debt, not on secured debt like a home. If the debt is secured by property or assets, the creditors will be more likely to take possession of these items or sell these items rather than settle with you. If you fall behind on your home, generally a foreclosure or short sale might be your better option. If you fall behind on car payments, the car may be repossessed or sold. Another option might be Chapter 13 bankruptcy, which could prevent you from losing your home if your debts are getting in the way of your mortgage payments. However, if you have unsecured debts, if debts are in collections, and there is no option for you to pay off these debts in full, an individual debt settlement lawyer like Legal Counsel, PA may be able to negotiate a lower payoff amount. However, before moving forward with a debt settlement, it might be wise to review your other options, like bankruptcy or other options for restructuring your assets and debts to pay off debts in full.
Debt settlement may be a better option if your accounts are already delinquent, if you already have charged off accounts, but still want to offer creditors some money for the debt. Another risk with debt settlement is that your creditors can still assess penalties. Finally, there is also always the risk that creditors won’t negotiate with you and will refuse the settle the debt.
Before moving forward with an individual debt settlement, consider all your options. Speak to Legal Counsel, PA, an individual debt settlement law firm in Orlando, Florida today to learn more. Have questions? We have answers. Contact Legal Counsel, PA today at 407.982.4321.
Alternatives to Individual Debt Settlement
Individual debt settlement is generally a last resort option and in many cases, you might be better served by choosing Chapter 7 bankruptcy as an alternative to an individual debt settlement. With Chapter 7 bankruptcy, you can begin rebuilding your credit immediately, while with an individual debt settlement, you’ll have to wait until your creditors accept your settlement negotiation before you can begin rebuilding your financial life. However, if you don’t qualify for bankruptcy, or if some other legal issues could interfere with a bankruptcy, an individual debt settlement may be right for you. There are certainly cases where a debt settlement can give you the ability to start over when other options are not available. Legal Counsel, PA is an individual debt settlement law firm in Orlando, Florida who can assist you with your debt problems. Put an end to phone calls from creditors and end the stress today. Have questions? We have answers. Contact Legal Counsel, PA today at 407.982.4321.